Option Strategies: .SPX, GOOGL& BTC
Hello everyone! Today I want to share some option strategies with you!
1.
Sold a credit call spread on $S&P 500(.SPX)$ - Oct 24 exp 4285/4290 strikes. Taking advantage of this strong upwards move this morning.
Selling just under 1.0% away from underlying's current price (which if the short strike was hit would mean SPX had a 1.7-1.8% move for the day, which seems lower probability)
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2.
Here is the updated expected move price levels for $Alphabet(GOOGL)$ . Move still pegged at ~5%, but levels have obviously moved up with underlying's price action moving up. We have Nov 17 exp 149 strike covered calls in play.
Selfishly would love to see GOOGL trade flat or take a dive post-earnings, but we know many are cheering for it to pump up. Might sell puts on the Oct 27 exp targeting the 122-124 strikes.
Wouldn't mind more shares assigned at those levels, and that positions us 2X the expected move.
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3.
Let's look at the daily charts on $S&P 500(.SPX)$ and $Bitcoin(BTC)$
and see what its telling us:
- $S&P 500(.SPX)$ flipped the upwards trend support line to resistance. Touched it twice on the daily move. Would like to see it break back above to re-establish support and keep the upwards trend intact. However, the more the price action touches the resistance and gets sent back, the stronger that resistance grows.
- $Bitcoin(BTC)$ was trading in an upwards-trending channel and then broke support back in late August. Been hugging that bottom trend line until it broke through last week. Strong move back above mid-range of the channel. Am looking for a short-term pullback after such a strong move up, but now BTC is back in play in the channel.
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